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According to the sources, OPEC and its allies were close to agreeing on one of the deepest output cuts of the decade. The group might increase the current cuts of 1.2 million barrels per day by more than 400,000 bpd. Saudi's Energy Minister has commented that he "feels good" about this week's meeting. Since 2017, OPEC+ has been curbing the output in order to balance the increasing output from US.